Referenced Stocks

Sector Update: Energy Mixed, Chevron Buys Out Atlas Energy for $4.3B

By Midnight Trader,  November 09, 2010, 08:35:06 AM EDT

Dow Jones U.S. Oil & Gas Index: 534.61 Monday regular session close

NYMEX Benchmark Crude: +0.32 (+0.36%) to 88.78

Top Energy Stocks

XOM: -0.41%

CVX: -0.94%

SLB:+0.41%

OXY: +0.33%

COP: +0.50%

Energy issues are mixed pre-market, while oil prices gain as the dollar falls. Chevron Corp ( CVX ) will buy Atlas Energy Inc ( ATLS ) for $4.3 billion which will boost Chevron's stake in the Marcellus shale fields. Chevron will pay $43.34 a share for Atlas, which marks a 37% premium over the company's closing price Monday. Speculation is growing that Woodside Petroleum Ltd (WPL) will be the target of a takeover after Royal Dutch Shell plc (RDSA) reduced its stake in the Australian energy producer. Monday, Shell sold a 10% stake in Woodside for $3.3 billion, and rumors abound that it will sell off its remaining 24.27% stake in the company.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: ATLS, CVX



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